Schedule 1: Sales Budget

Sales in Units

x sales price

Sales revenue

Cash received from current quarter sales

Accounts Receivable from current quarter sales

Schedule 2: Cash receipts

Current quarter sales - cash receipts

Cash Receipts from prior quarter receivables

Schedule 3: Production Budget in Units

Beginning Balance: Finished Goods (units)

Plus: Production of Finished Goods (units)

Less: Sales of Finished Goods (units)

Ending Balance: Finished Goods (units)

Schedule 4: DM Purchases: Cement

Units to be produced

Amt of cement per unit (lbs.)

Cement needs for production (lbs.)

Beginning Balance: Cement (lbs)

Plus: Cement Purchases (lbs)

Less: Cement Used in Production (lbs)

Ending Balance: Cement

Cement to be purchased (lbs)

Cement cost per lb.

Total cement purchase cost

Schedule 4: DM Purchases: Plaster

Units to be produced

Amt of plaster per unit (lbs.)

Plaster needs for production (lbs.)

Beginning Balance: Plaster (lbs)

Plus: Plaster Purchases (lbs)

Less: Plaster Used in Production (lbs)

Ending Balance: Plaster

Plaster to be purchased (lbs)

Plaster cost per lb.

Total plaster purchase cost

Total DM purchase cost: Cement + Plaster

Schedule 5: Cash Purchases Budget

Current Quarter Purchases: Cash

Purchases Payable: Cash Payments

Total Cash Outlay per Quarter:

Schedule 6: Direct Labor Budget

Units to be produced

DL needed per unit

DL hours needed

cost per hour

Total Budgeted Direct Labor (dollars)

Schedule 7: Overhead Budget

DL hours needed

VOH rate /hour

Budgeted variable OH

Depreciation

Other fixed costs

Budgeted fixed OH

Total budgeted OH expense

Schedule 8: SG&A Budget

Units sold

Variable Selling & Administrative Rate

Budgeted Variable Selling & Administrative Costs

Depreciation

Other SG&A

Budgeted Fixed Selling & Administrative Costs

Total budgeted SG&A expense

Schedule 9: Ending Finished goods

Ending Balances: Inventory - DM, DL

DM - Cement

DM - Plaster

Direct Labor

Total Per Unit Inventory Costs:

Units in Ending Inventory:

Ending Inventory: DM, DL

Ending Balance: Inventory - Overhead

Variable Overhead

Fixed Overhead

Total Per Unit Inventory Costs:

Units in Ending Inventory:

Ending Inventory: Overhead

Total Ending Inventory Balance: Finished Goods

Schedule 10: Budgeted COGS

Beginning Balance: Finished Goods

Costs incurred during the period

Direct materials used - cement

Direct materials used - plaster

Direct labor used

Overhead - total

Cost of Goods Available For Sale

Ending Inventory

Cost of Goods Sold

Schedule 11: Cash Budget

Cash Sources:

Beginning Balance: Cash

Cash Receipts

Cash available for use

Cash Uses:

Disbursements for purchases

Direct Labor

Overhead payments

Sales & General Administrative Payments

Taxes Paid

Dividends paid

Equipment purchases

Total Cash Disbursements

Cash Balance - pre debt

Loans (repayments)

Interest Payments on Loans

Net Borrowing Impact on Cash

Ending Balance: Cash

Schedule 12: Budgeted income statement

Sales

Cost of Goods Sold

Gross Margin

Selling and General Administrative Expenses

Interest Expense

Net Income before Taxes

Tax Expense

Net Income

Schedule 13: Budgeted Retained Earnings

Retained Earnings Calculation

Beginning Balance: RE

Plus: Net Income

Less: Dividends Paid

Retained Earnings

Schedule 14: Budgeted Balance sheet

Cash

Accounts Receivable

Inventory

Raw materials

Finished Goods

PP&E

Land

Building and Equipment

Accumulated Depreciation

Acct Payable

Tax Payable

Capital stock

RE

Total L&SE

WGT Balance Sheet Cash Accounts Receivable Inventory Raw Materials FG Inventory Land Buildings and Equip Accum Depr Total Assets 01/01/2014 $ 22,000 12,000 350 4,950 8,000 70,000 200 $ 88,100 Accounts Payable Capital Stock RE Total Liab and Stockholders S 2,580 17,500 68.020 $ 88,100 Use the following to complete the team project: 1. The marketing department projects the following sales levels Quarter 1, 2014 Quarter 2, 2014 Quarter 3, 2014 Quarter 4, 2014 Quarter 1, 2015 Quarter 2, 2015 8,700 Gnomes 9,800 Gnomes 4,200 Gnomes 3,800 Gnomes 4,600 Gnomes 2,800 Gnomes The statues are expected to sell for $40.00 EACH 1. WGT sell all merchandise on credit. Historically, WGT receives 65% ofeach arter's sales during the quarter and qu 2. WGT plans to stock the ending inventory of finished goods to equal 35% in the next quarter 60% of the next quarter's sales Finished Goods inventory at 01/01/2014 is 300 statues at a cost of $16.5 per unit